We alert readers to several credit developments affecting multiple BDCs that we’ve covered in our sister publication, the BDC Credit Reporter, and discuss some lessons learned.
The broad market indices bobbed around in the week and the BDC sector followed suit. We discuss two BDCs that did well, and four that did not and project out how the rest of the year is likely to play out.
From a price standpoint, only a small move in BDC Fixed Income prices in this shortened week. However, Main Street’s new unsecured debt was an important development in a much larger liability management and earnings story.
A well known retailer decides to liquidate. Three BDCs will be taking further credit hits as a result and major realized losses when the process is completed.
Main Street publishes a few key preliminary numbers for 2018. We ask some hard questions about the future.
The famously stable BDC Fixed Income market seems a little anemic. However, that’s nothing compared to what may happen as BDCs position themselves around the Small Business Credit Availability Act.
Another good week for the BDC Sector and most of its constituents, as the rally marches on. We discuss myriad metrics and look at the length of the runway.
S&P speaks up about the new BDC leverage rules, expressing concern. Will the credit raters keep BDCs from borrowing to the hilt. If not the rating groups, then who ? We discuss the options and look into a glass. Darkly.
Rates go down, BDC Fixed Income goes nowhere. However, the new leverage rules already have two prospective issuer candidates, which raises questions about what happens next.
The BDC Sector had a decent week and good month, especially when compared with the major indices. Are BDC stocks headed for a rally after a year in the doldrums ?
BDC Fixed Income dips in a week with monumental rules changes. We take a look and speculate about what the future might hold.